ZEE row: SAT reserves order in Puneet Goenka, Subhash Chandra's appeal against SEBI

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Key Points

The Securities Appellate Tribunal (SAT) on Tuesday reserved its order in applications filed by Subhash Chandra and his son Punit Goenka to challenge the capital market regulators interim order that restrained them from holding any directorship or key managerial positions in listed entities...

On June 19, the counsel for Zee Entertainment Enterprises said the market regulator had no evidence beyond the bank statements to prove the allegations of round-tripping of funds and that Sebi cannot pass an ex-parte order...

"In the instant case, we have a situation before us where the Chairman Emeritus and the Managing Director and CEO of this large listed company are involved in a myriad of different schemes and transactions through which vast amounts of public money belonging to listed companies are diverted to private entities owned and controlled by these persons," Sebi said in its affidavit to SAT...

The merger between ZEE Entertainment and the Indian unit of Japan's Sony will go through, "whether or not" he is the CEO of the merged company, Punit Goenka told the Economic Times in an interview...

The India markets regulator has imposed a one-year ban on Zee Entertainment's Chairman Subhash Chandra and CEO Goenka for being actively involved in diverting company funds to the group's related entities, raising questions on the future of the Zee-Sony merger...

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